The International Monetary Fund has raised its economic growth forecast for Hungary to an unprecedented extent in its annual World Economic Outlook report. It is now acknowledged by the organisation that the Hungarian economy is likely to grow by nearly 3 percent, while only 2 percent growth was estimated in April. The IMF has also revised its outlook for next year.
The International Monetary Fund must recognise that the Hungarian economic model is functioning well. Long-term economic growth is ensured without financial constraints, the unemployment rate has been on a falling trend, while financial stability is increasing. Hungary has succeeded in achieving an economic upturn while keeping the budget deficit below 3 percent for the fourth consecutive year. Furthermore, Hungary was able to pay back its IMF loan while also easing the burdens of families, workers and businesses.